By Cheng-Few Lee
"Advances in Quantitative research of Finance and Accounting" is an annual book to disseminate advancements within the quantitative research of finance and accounting. The ebook is a discussion board for statistical and quantitative analyses of matters in finance and accounting in addition to functions of quantitative the way to difficulties in monetary administration, monetary accounting, and company administration. the target is to advertise interplay among educational study in finance and accounting and utilized examine within the monetary group and the accounting career. The papers during this quantity hide quite a lot of issues together with profits administration, administration reimbursement, alternative idea and alertness, debt administration and rate of interest thought, and portfolio diversification.
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Extra resources for Advances in Quantitative Analysis of Finance and Accounting, Volume 4
To minimize agency conflicts, many firms award stock-based compensation such as stock options and restricted stocks to the executives. Equity-based compensation aligns managers' interest with those of the shareholders and rewards managers for maximizing firm value. , Jensen and Meckling, 1976; Jensen and Murphy, 1990; Mehran, 1995). In a recent study, Ofek and Yermack (2000) claim that equity-based pay fails to achieve its incentive-alignment goal when managers already own a high percentage of the firm's stock.
A. " Contemporary Accounting Research 11, 689-731 (1995). Feltham, G. and J. A. " Journal ofAccounting Research 34, 209-234 (1996). , Essentials of Econometrics, New York: McGraw-Hill, Inc (1992). " Journal of Accounting and Economics 20, 125-153 (1995). Jan, C. L. and J. " Working paper, New York University and Santa Clara University (1995). Kothari, S. P. and J. L. " Journal of Accounting and Economics 20, 155-192 (1995). " The Accounting Review 61, 44-68 (1986). Leland, H. and D. " Journal of Finance 32, 371-387 (1977).
The results in Table 9 do not support our prediction that the coefficient of earnings (y) is positive and is the same for all deciles. As the data in Table 9 indicate, the coefficient of earnings (y) is positive as predicted only for the seven highest profitability deciles. Conversely, the coefficient (y) is negative and significant for deciles 1 and 2, while not being significantly different from zero for decile 3. The results, however, show a generally increasing trend with profitability. , loss) firms using Model 2 and with the correlation coefficients in Table 5.
Advances in Quantitative Analysis of Finance and Accounting, Volume 4 by Cheng-Few Lee